Something has changed - coronavirus. Aside from generalised fear selling, this has caused cessation of manufacturing in plants in China, which means a sell off in the commodity markets (especially base metals and oil), which means a sell off in mining stocks, which means a sell off in mining service providers i.e. MLD.
Additionally mining has been subject to a sluggish recovery for the last 3 years so the market is yet to go 'always in long' on mining imo (except gold). This is why MLD was just motoring sideways for a while before the latest price spike up. Most of MLD revenue is from mining.
Any sector which is 'on the nose' will be dumped and sold short by funds, in a big way. Market only cares about forward looking. It does not care what the last report was, unless the forward looking conditions are favorable. The same rationale applies to stocks in favour, and explains why FAANG trades on stupid multiples.
MLD Price at posting:
92.5¢ Sentiment: Buy Disclosure: Not Held
